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2005 (7) TMI 60 - DELHI HIGH COURTPenalty - "(1) Whether Tribunal was right in deleting the penalty imposed under section 271(1)(c) merely on the ground that the total income of the assessee has been assessed at a minus figure/loss? – Held, no - (2) Whether Tribunal was justified in holding that the judgments in Prithipal Singh's case will apply even after insertion of Explanation 4 to section 271(1)(c) with effect from April 1, 1976?" - Income-tax Appellate Tribunal decided the appeals before it on the understanding that where there was a returned loss and a reduced loss was assessed there could be no question of imposition of penalty under section 271(1)(c) of the Act. This understanding, we have indicated above, does not hold good for the period between the said 1976 and 2003 amendments. This being the position, answering the questions as indicated above and allowing all the appeals, we remand all these cases to the Income-tax Appellate Tribunal for disposal on the merits
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